Legal Advice For Buying and Selling a Business
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Buying a Business

Buying a new business can be a daunting procedure, and there are many aspects that require careful consideration. At Perry Legal we have assisted numerous clients in successfully purchasing their new business, making sure that every matter has been given due thought and attention. Areas which need to be considered when buying a business include:

The Contract

The contract covers all details of the transaction between you and the vendor, including the purchase price, details relating to the premises such as the lease or sale agreement, the transfer of business names and any assets or equipment that are to be included in the sale. Generally it will be the vendor’s solicitor that will draw up this contract, and we will assist you by examining it thoroughly and making sure every last detail is known to you. We carry out any necessary negotiations or communications on your behalf, helping you to get the deal that works best for you.

The Business Structure

While the business that you purchase will almost certainly have a pre-existing structure in place, we can help you decide if this structure is what will work best for you and your specific circumstances. The business structure affects the way in which you pay tax, as well as your financial liability. We will happily consult your accountant to determine the best business structure for you, and if necessary, assist you in going through the process of changing to your new business model. For more information on the different types of business structures, see Starting Your Own Business

The Business Premises

Whether you are taking on the lease of your new business premises or buying the property from the existing owner, we can assist you with all the necessary documentation and transaction procedures to ensure the transfer of your new business premises goes as smoothly as possible.

The Finance

Very often it is necessary to organise a loan when purchasing a new business. If this is the case for you we are able to assist by researching your lender’s finance agreements, making sure they are appropriate for you. We will work with your lender to ensure that all the necessary funds are available at the time they are needed.

Because of the many different areas involved in purchasing a new business it is of the utmost importance that you obtain legal advice to help you through the process. Perry Legal have considerable experience helping clients with the purchase of their new business, and will be happy to offer our expert advice on any area of this process that you may require.

Selling Your Business

When the time comes to sell your business, getting the right legal assistance is essential. After all the time and effort you have put into getting your business where it is today, you need to make sure that you get the very best deal you can.

At Perry Legal we are experts in commercial sales. We have worked with everyone from the proprietors of small, family businesses to the owners of multi-million dollar enterprises, assisting them with every aspect of their transaction.

Areas of selling your business that we will help you with include:

Contracts

We understand that you will have a clear idea of what you hope to get from the sale of your business. After a detailed consultation with you on the terms of your sale, we will help you draw up the contract that best assures these conditions are met. We will also offer you our expertise regarding matters that commonly arise during the sale of a business, and help you avoid any potential pitfalls.

Taxation and GST

We will liaise with your accountant on matters relating to GST, Capital Gains and other taxes, making sure all financial matters are dealt with as smoothly as possible.

The Negotiation Process

During this stage of the sale we will deal with any correspondences from the buyer and their solicitor, keeping you informed every step of the way. We are highly experienced in the negotiation process and are committed to ensuring that you get the best possible outcome from the sale of your business.

Premises Agreements

Regarding the sale or transfer of business premises there are three common scenarios:

  1. You lease the premises and wish to transfer the rights of the lease to your buyer
  2. You own the premises and wish to transfer the ownership of the premises to your buyer
  3. You own the premises but wish to retain ownership and grant a lease to the buyer

Whichever of the above categories applies to you, at Perry Legal we are experts in dealing with the transfer of premises and will help you find the agreement that suits your specific needs.

Perry Legal’s extensive experience and expertise in matters of commercial sales will ensure you get the optimum deal for your business. We’ll make sure that everything goes smoothly from start to finish and that you are fully protected in any eventuality.

See here for How to Start a Small Business in NSW

To obtain sound legal advice for buying or selling a business, call Perry Legal today on 02 4940 4602 or email info@perrylegal.com.au